RBI Says Can't Release Its Report To Government On Missing Inflation Target

The Reserve Bank of India's monetary policy committee (MPC) will meet on Thursday to discuss its first ever inflation target miss, which has come amid an upsurge in inflation globally.

The Reserve Bank of India (RBI) will not immediately release details of a report to the government explaining why it has failed to meet its targets for inflation, Governor Shaktikanta Das said.

The Reserve Bank of India's monetary policy committee (MPC) will meet on Thursday to discuss its first ever inflation target miss, which has come amid an upsurge in inflation globally due to fallout from the war in Ukraine.

The committee, set up in 2016, is mandated to keep inflation within 2 percentage points on either side of its 4% target. Failure to do so for three straight quarters requires the bank to give an explanation to the government.

Shaktikanta Das said on Wednesday that a letter to be sent to the government after the Nov 3 special meeting will not be made public because the bank does not have the authority to release it.